Applications to other agencies can submit that application instead of the application above. These agencies include Kentucky Housing Corporation, the Federal Home Loan Bank or LFUCG HOME funds. All applications must contain a statement of sources and uses. Applications must have a 15-year pro forma consistent with the information presented to other agencies. (You may want this under the application Information tab).
Loan policies
Evaluation criteria
Good standing policy
In addition to this document, all applicants must refer to the program guidelines and requirements.
Affordable housing processes
Initial contact
Applicant contacts the Office of Affordable Housing to discuss the project concept and schedule a technical assistance meeting to discuss the application process and program requirements.
Application submission and review
The application will be reviewed by staff within the Office of Affordable Housing. This may include a review of project plans and costs by an inspector, which may involve site visits. Staff will then present the project to the Affordable Housing Board for review. This review may result in preliminary approval, final approval or rejection of the application.
After action by the board, the applicant will receive a letter from staff describing the board’s action and outlining any further documentation needs, contingencies and other requirements approved by the board.
Technical submission
Based on the letter from staff, applicants will submit additional items to the office of Affordable Housing. These items will be reviewed and submitted to the Affordable Housing Board for final approval.
Once approved, the applicant will receive a letter from the Office of Affordable Housing detailing the action by the board. The letter will also include a projected timeframe for document preparation, pre-construction conference and loan closing.
Pre-construction and closing
Upon completion of the legal documents, a pre-construction and closing meeting will be held with the applicant, affordable housing staff, LFUCG legal, LFUCG inspectors and LFUCG finance staff. The purpose of this meeting is to review the legal documents, construction process, inspection process and disbursement of funds, as well as all program and project requirements.
Construction and placed in service
Construction will be monitored by affordable housing staff and LFUCG inspectors. When construction is complete and passed the final inspection, the property will be placed in service.
Compliance monitoring
Any affordable housing development funded in whole or part by the Fund shall be subject to compliance reviews to ensure adherence to tenant income requirements, rent restrictions, pledged amenities and all commitments made in the funding application.
Any development found to have an inspection or compliance issues that are not timely addressed will be subject to recapture of funds and other penalties as determined by the Board.
Any development that does not comply with applicable laws or these guidelines may have its funds recaptured and be subject to other penalties as determined by the Board.
Financial and property reports are required to be submitted on an annual basis to the Office of Affordable Housing. The Board will determine the content of these reports.
Developments must participate in the KY-HMIS and associated common assessment process where applicable.
All compliance requirements will be discussed with the sponsor during the pre-construction and loan closing meeting.
Loan servicing and asset management
The staff of the Office of Affordable Housing will arrange for servicing of any amortizing loans and review project performance reports.
Forms
Draw Form
The Draw Form will serve as the cover page for each draw request. The invoices must follow in the order of work performed as indicated on the form. If an invoice is not being paid in full, please note the amount requested on the invoice. Ex. If the invoice is for $500 but only a portion of this amount is being requested for reimbursement, please mark out the $500 on the invoice and write in the correct amount.